U.S. jobless claims fall to new pandemic low of 281,000

he number of Americans who recently lost jobs and applied for unemployment benefits fell in late-October to a fresh pandemic low as companies eschew layoffs and seek to hire more workers.

New jobless claims fell to 281,000 in the week ending Oct. 23, the lowest since March of last year, from a revised 291,000 in the week prior.

U.S. companies large and small have reported difficulty finding workers for open positions, as the COVID-19 pandemic sparked a wave of retirements and made finding affordable child care difficult for many Americans. Some economists say that increased federal spending on social programs including stimulus payments and the child tax credit have reduced the need for some Americans to work.